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budget surpluses in a row. for all of this talk about deficit reduction, making sure our books are balanced, this is the guy who did it three times. he helped oversee what our nation's finest universities and largest investment banks. in my administration, he has managed operations for the state department and the budget for the entire executive branch. i have sought his advice on virtually every decision i have made from economic policy to foreign policy. one reason he has been so effective in this town is because he is a low-key guy who prefers to surround himself with policy experts rather than television cameras. over the years, he has built a reputation as a master of policy can work with members of both parties and ford principled compromises. maybe most importantly, as the son of a polish immigrant, a man of deep and about face, he knows that every member on a page, every dollar we budget, every decision we make has to be an expression of who we wish to be as a nation, our values. values that say everybody gets a fair shot at opportunity. and says we expect all of us to
that they have to try to cut spending to deal with the nation's deficit. we're watching what's going on at the white house, we'll have the full coverage of the news conference leading into it. we're also watching right now what's happening in newtown, connecticut. one month to the stay after that brutal massacre, you're looking now at live pictures, a news conference there, they're going to read a poem, let's listen in. >> it is a sad honor to be here today. it's been one month since i lost my son dillon and 25 other teams lost their loved ones. at times it feels like only yesterday and at other times it feels as if many years have passed. i still find myself reaching for dillon's hand to walk through a car parking lot. it's so hard to believe he's gone. at the same time i look at our community and what has been achieved in one month. a vacant school has been lovingly restored with great care and attention to welcome students back into a peaceful and safe environment. many businesses and groups are promoting the love we have in newtown as well as fundraising to help those in most nee
to the point of dealing with the biggest deficit this country faces the jobs deficit. and to me this bill simply put a band aid on the problem. it did do something the president wanted to do, committed to do. he delivered on the promise to try to help protect the middle class but my fear is that in these next 3 -- three political maneuvers we're going to see that people will start attacking the middle class and i believe that this was our best opportunity to really take care long term the issues that we need to address to a balanced approach. >> so to follow up, you voted early, i was watching the board. you voted early. you didn't vote to see if it was going to pass and then vote no. was the idea that obama kind of lost some leverage there that you wanted to see it fail because obama now has to go back to the debt ceiling and he doesn't have the benefit of tax cuts looming? >> i knew it was going to pass. after the republicans walked away from the negotiations and then tried to plan b by speaker republican speaker bane thear failed where republicans wouldn't support their own speaker it
or the largest economy in the world. we need to get to the point of dealing with the biggest deficit in the country, the jobs deficit. to me, this bill simply put a band-aid on the problem. it did do something the president wanted to do, committed to do. he delivered on the promise to try to help protect the middle- class class. my theory is that in the next three political maneuvers that we are going to see coming up in congress, that people will start attacking the middle class. i believe this was our best opportunity to really take care long-term of the issues that we need to address to a balanced approach. >> to follow-up on that, you you voted early. you are not just waiting to see if it was going to pass and then vote no. the idea that obama kind of thatsome leverage theire, you wanted to see him fail, that he has to go back to the leverage -- that he does not have the leverage -- >> after the republicans walked away from the negotiations and tried the plan b by speaker boehner, it became clear, even after they tried to amend the senate yield that they could not do so dosh and
driver of our deficits, we can arrive at a package that gets this thing done. i'm happy to have that conversation. what i will not do is to have that negotiation with a gun at the head of the american people, the threat that unless we get our way, unless you gut medicare or medicaid or you know, otherwise slash things that the american people don't believe should be slashed, that we're going to threaten to wreck the entire economy. that is not how historically this has been done. that's not how we're going to do it this time. what i'm saying to you is there is no simpler solution, no ready, credible solution other than congress either give me the authority to raise the debt ceiling or exercise the responsibility that they have kept for themselves and raise the debt ceiling because this is about paying your bills. everybody -- everybody here understands this. i mean, this is not a complicated concept. you don't go out to dinner and eat all you want and then leave without paying the check. if you do, you're breaking the law. congress should think about it the same way that the ame
to live within our means, how are we going to bring down the debt and the budget deficit, what are we going to do about the trade deficit so we can create an economy again that's growing for the good of all. that's the most important thing i think is -- i think is happening. i think it's just so important that we move to a comprehensive strategy to enable economic development in the united states. that's the most important thing we do for all of us. jeff: if you were asked, would you work in if obama administration? -- in the obama administration? >> i've been very pleased to support the administration, this administration and the previous one because that public private partnership especially for manufacturing in the united states and especially with the trade rules around the world, i've been pleased to be asked and listened to. jeff: i mean a real job? >> i think the best thing i can do and feel really good about it is serving forward. jeff: your work is done. you have done it. >> no, we're just getting started. it is an important part of the united states economy. nearly 15% of ou
the opposite. record increases in spending, the biggest peacetime deficit in history, no effort to address entitlements which have grown significantly more challenging. wouldn't you call this that anti-clinton budget? >> no, i'm very proud of the work i did in the clinton administration and i point out one of the reasons spending was falling as a percentage of gdp was the economy was growing so fast because we had a good fiscal policy that promoted competent and economic growth. if you look at the projections today, we are projecting the retirement of the baby boom and we see more people claiming their benefits. >> i want to get to that projection. it is part of the reality that even if we cut spending in the policies we are making, as we pay the policies that are due, there are areas where spending goes up. i don't think any of us want to be saying people should not be able to collect social security benefits when they are 65. that and medicare for people who are retiring are driving aggregate spending levels. on the discretionary side, we are cutting spending. >> which is why we are baff
, came from borrowing, the deficit. the sum total of all of these annual deficits, plus the interest is national debt. today the national debt extends at $16.4 trillion. the treasury is empowered to borrow money to make up for that shortfall. but only up to a certain amount. that's the debt ceiling. keep it in mind, the treasury does not make decisions about how the money is spent. they're simply empowered in this case to borrow money and write the checks to pay the bills incurred by your democratically elected congress. today the debt ceiling is $16.3 trillion which is less than our debt. the treasury can use extraordinary measures to raise an extra $200 billion. those extra funds will only last until about mid february or early march according to the bipartisan policy center. good luck trying to explain this to conservative talk radio show host, rush limbaugh. >> i think it's a debt limit as your monthly credit card limit. you can't go over it on your credit card. and the united states government can't spend more than what its credit limit is or its debt limit. now ali velshi at cn
and broadening opportunity for the middle class is shrinking our deficits in a balanced and responsible way. and for nearly two years now, i've been fighting for such a plan -- one that would reduce our deficits by $4 trillion over the next decade, which would stabilize our debt and our deficit in a sustainable way for the next decade. that would be enough not only to stop the growth of our debt relative to the size of our economy, but it would make it manageable so it doesn't crowd out the investments we need to make in people and education and job training and science and medical research -- all the things that help us grow. now, step by step, we've made progress towards that goal. over the past two years, i've signed into law about $1.4 trillion in spending cuts. two weeks ago, i signed into law more than $600 billion in new revenue by making sure the wealthiest americans begin to pay their fair share. when you add the money that we'll save in interest payments on the debt, all together that adds up to a total of about $2.5 trillion in deficit reduction over the past two years -- not cou
to dominate his second. that is the nation's debt and deficit. we already reached the $16 trillion debt limit set by congress. treasury secretary tim geithner says his accounting tricks and maneuvers can only buy us a couple more months the president wants to call on congress to raise the debt ceiling without drama. he says even the threat, note to raise the debt ceiling could cause a down-tick in the nation's credit rating as it did in 2011. republicans are determined to use that leverage. it may be the only leverage they have to raise the nation's debt ceiling. in the past it has worked to demand spending cuts in exchange for raising the nation's debt ceiling. they intend to do it this time. heather? heather: a lot going on in washington. we hear rumors the president may address the issue of immigration reform. that may be one of the top priorities of his administration. is he expected to talk about that? >> reporter: perhaps but even before that the president is likely to be asked about efforts to curb the nation's gun violence with vice president biden set to give recommendations to the p
the numbers for the deficit reduction so far. that is coming up later. up next, is the u.s. entering a new battleground in the war on terror? [ male announcer ] when these come together, and these come together, one thing you can depend on is that these will come together. delicious and wholesome. some combinations were just meant to be. tomato soup from campbell's. it's amazing what soup can do. yeah. then how'd i get this... [ voice of dennis ] ...safe driving bonus check? every six months without an accident, allstate sends a check. ok. [ voice of dennis ] silence. are you in good hands? well, dad, i spent my childhood living with monks learning the art of dealmaking. you've mastered monkey-style kung fu? no. priceline is different now. you don't even have to bid. master hahn taught you all that? oh, and he says to say (translated from cantonese) "you still owe him five bucks." your accent needs a little work. >> bret: the youngest and most innocent are victims of the syrian war. 13 people were killed including eight chirp. >>> dense smog is causing problems in china. beijing is known,
spending, which is the main driver of our deficits, we can arrive at a package that gets this thing done. i'm happy to have that conversation. what i will not do is to have that negotiation with a gun at the head of the american people. the threat that unless we get our way, unless you gut medicare or medicaid, or, you know, otherwise slash things that the american people don't believe should be slashed, that we're going to threaten to wreck the entire economy. that is not how, historically, this has been done. that's not how we're going to do it this time. [ inaudible question ] chuck, what i'm saying to you is that there is no simpler solution, no ready, credible solution other than congress either give me the authority to raise the debt ceiling or exercise the responsibility that they have kept for themselves and raise the debt ceiling. because this is about paying your bills. everybody here understands this. i mean, this is not a complicated concept. you don't go out to dinner and then, you know, eat all you want, and then leave without paying the check. and if you do, you're breaking t
the deficit and it is down by 25%, we said we would cut immigration and it is down by 25%, we said we would rebalance the economy and there are 1 million private sector jobs. that is a record to be proud of. >> i am afraid he will have to do better than that. his adviser said that the government should not publish the secret audit because it had "problematic areas", would lead to "unfavourable copy", and identify "broken pledges" -- that is a far cry from the rose garden, isn't it? the government said they would "throw open the doors...to enable the public to hold politicians...to account." have another go. it is a simple question. was it his decision not to publish the audit because -- and i quote from his adviser -- it would "overshadow" favourable coverage? he should calm down. it is early in the year so calm down. you've got difficult times ahead. was it his decision not to publish the audit? >> it is my decision that it is being published this afternoon. is that really the best he can do? he has had a week sitting in the canary islands with nothing else to think of. he cannot ask about
before, and have bid have a conversation on how we reduce our deficits further in a sensible way. -- i would have a conversation about how to reduce our deficits in a sensible way. we can talk about how we can make sure we finance our workers getting properly trained and are schools getting the education they deserve. there is a whole growth agenda that is important does well. -- as well. what you have not seen as the notion that has been presented so far by the republicans that deficit reduction will only cover spending cuts, that we will raise the debt ceiling dollar for dollar on spending cuts. there are a whole set of rules that have been established that are impossible to meet without doing severe damage to the economy. we're not going to put ourselves in a position where, in order to pay for the spending we have already incurred, where the two options are we were way to either profoundly hurt the economy, hurt seniors, hurt kids trying to go to college or we will blow up the economy. we will not do that. not whatever congress does. they will have to send me something that is sens
and health care reform was done. when we look at deficit reduction, it's four or five deals, each one in endless, horrible slog through the d.c. marshes. in the second term the two things we are going to see, it does not look like we are going to see much more on jobs. the white house is not fighting hard. they have not made infrastructure a condition of moving forward. we got $600 billion in the fiscal cliff. republicans are going to make a decision to include revenues or whether or not they are going to make a decision that is better to do no more reduction over the second term. if it is what it takes to keep the president from getting more tax revenues. >> let me ask this. what i hear you saying is deficit reduction. it seems as though we have a president who is legitimately a deficit hawk. he believes the deficit is a problem and deficit reduction is a priority. when you look at the approval rate of americans on handling of the economy, it's split half and half with support for the president and 49% versus 48% disapproving. there's a little room to do a big thing. this president i
class is shrinking our deficits in a balanced and responsible way. and for nearly two years now i've been fighting for such a plan, one that would reduce our deficits by $4 trillion over the next decade, which would stalize our debt and our deficit and n. a sustainable way for the next decade. that would be enough not only to stop the growth of our debt relative to the size of our economy but it would make it manageable so it doesn't crowd out the investments we need to make in people and education and job training and science and medical research, all the things that help us grow. step by step we've made progress towards that goal. over the past two years i've signed into law $1.4 trillion in spending cuts. two weeks ago i signed into law more than $600 billion in new revenue by making sure the wealthiest americans begin to pay their fair share. when you add the money that will save an interest payments on the debt, all together that adds up to a total of about $2.5 trillion in deficit reduction over the past two years. not counting the $400 million already saved from winding dow
to the president about past conflicts over the deficit reduction. mark and i were talking about how far back we go. it is a few years. and i remembered him of the earlier sessions that we had. gramm-rudman one and two and gran member holland. i've googled it for all of them. and i was thinking there have been two major changes. number one is the dataset that is clearly much greater. the deficit is much greater. when i think of the ways and means committee, would change their has been in the composition. the ranking member at a time when i started went to the world bank. i worked with bill on trade. he was handling the tax material mainly. and bill was working on health care at the time. i think a second major change is very much effective today and affects us today. it is this change in composition of the republican party. i think it has moved very much more to the right. i think that makes it very difficult to handle the problems that we have before us. let me comment briefly on where we are. you offer the president yesterday. we have had spending cuts of a trillion and a half dollars. it comes f
night at 8 on c-span's "q&a." >> next, a discussion on the debt ceiling and deficit reduction debate. this was part of a brookings institution forum on jobs and the economy. this panel is an hour or and 20 minutes -- an hour and 20 minutes. [inaudible conversations] >> all right. should we get started again? um, i'm either using that vision, or that clock is way off. but i'll use my watch. okay. so if everybody could come in from coffee and sit down, we'll get started on our second panel. and we're delighted to welcome a really terrific set of panelists, lew kaden, vice chair of citi, maya macguineas who is now involved in or leading the fix the debt campaign. bob mcdonald who is the ceo and president of procter & gamble, and ralph schlosstein who's the ceo of ever corp.. so really a terrific group. let me just give a little bit of context, at least while everyone's filing into the room. i'm martin baily with the economic studies program at brookings. if we cast our minds back to the 1960s, the 1960s, obviously b, was a troubled decade politically, but economically growth was pretty
. >> thank you for your time. >> what will the president tell the country on monday about debt and deficit spending and how we get that under control, ben? >> well, i think that the president will follow precedent when it comes to the inaugural address and lay out a broader vision for are where we take the country in the next four years and to talk about how some of our founding principles and values can drive us through the challenges we continue to face. i think the state of the union address will be more of the agenda, more discussion of how we get it done with congress and enlisting the is support of the american public. >> so nothing on monday about spending then? >> well, i can't specifically say that the remarks aren't totally finalized yet. i think what you will see is the broader vision. the specific agenda will come in the days ahead. there was a statement out of the white house on friday addressing the proposal that the republicans have put on the table right now. it looks like they may be breaking the ice a little bit and not holding the nation's full faith and credit hostage f
they have to really assert a move toward deficit reduction? >> you know, in my mind they actually missed the best chance they had, which was the expiration of the bush tax cuts, which was really the best chance for both sides. if there was ever a point where a grand bargain was possible, it would have been i think the republicans accepting rolling back more of that tax cut than we did in return for acquiring democrats to deal with the very real long-term challenge of entitlements. we did not take advantage of that. we had a minimalist deal that confirms 82% of bush tax cuts, possibly the worst possible outcome and no spending cuts, probably the worst possible outcome in the long term from a deficit perspective. now i think the history is this is not a powerful mechanism. in the end it's a doomsday device you cannot use. you go back to the midninety with bill clinton and the republican congress, look at 2011. i think in the end they will decide they cannot use this measure and they seem to be heading that way this week in their house republican retreat. >> ian bremer is with us. he's the
class is shrinking deficits in a balanced and responsible way. and for nearly two years now, i have been fighting for such a plan. one that would reduce our deficits by $4 trillion over the next decades. which would stabilize our debt and deficit in a sustainable way for the next decade. that would be enough not only to stop the growth of our debt relative to the size of our economy but it would make it manageable so that it does not crowd out the investments we need to make in people, education, job training, science, medical research. step by step, we made progress towards that goal. over the past two years, i have signed into law about $1.4 trillion in spending cuts. two weeks i signed into law more than $600 billion in new revenue by making sure the wealthiest americans begin to pay their fair share. when you add the money that will save in interest payments on the debt, altogether that adds up to a total of $2.5 trillion in deficit reduction over the past two years. not counting the $400 billion already saved from winding down the wars in iraq and afghanistan. so, we have made progr
industry and manufacturing. the second on deficit reform, and the third on improving government performance. the participants here today include brookings scholars, outside experts, and private sector representatives and leaders. our discussions will reflect a lot of the research that goes on here at brookings, and you will be able to find a number of examples of that research outside the auditorium where you came in. my recommended particular, the work of our metropolitan program on ideas on how to revitalize manufacturing, and also the work of art government studies program on how to make innovation-based economy. the growth through innovation project is an example of what we're doing increasingly here at brookings, and that is undertaking both research and public events and outreach that draw from multiple programs of research pro-guns here at the institution. and we have three of our research programs represented here today. the growth through innovation project is led inside a brookings by darrell west of our government studies program, bruce katz, of our metropolitan program of our ec
. our current obsession with slashing the deficit and avoiding that well-known and worn fiscal cliff is killing us, krugman writes, getting in the way of what really needs to be done, which is dedicating government to creating jobs and getting us back to full employment. he blames not only congress but the white house. paul krugman is professor of economics and international affairs at princeton university. since 1999, he's been an op-ed columnist at "the new york times" and now also writes a blog for the paper titled "the conscience of a liberal." according to the search engine technorati, it's the most popular blog by an individual on the internet. author or editor of some 20 books and more than 200 professional papers, krugman is a thinker so esteemed and widely known in his field he's become an icon. not only has he won the nobel prize in economics, he's also the subject of this song by the balladeer loudon wainwright iii -- ♪ i read the new york times that's where i get my news ♪ ♪ paul krugman's on the op-ed page that's where i get ♪ ♪ the blues 'cause paul always tel
capacity coming out of the crisis. it is a credit deficit in the community and some regional bank that again is a serious public policy to address the next couple of years. >> thank you. my, what teacher perspective on the short run and long-run, so let's start on the short run because we are right in the middle. we sort of avoided the fiscal cliff. sad events involving over the next couple and how are these going to play out? >> if anyone you think should be played out, i'd be thrilled to know the answer because it's one of the more confusing moments. then they start by saying it's moment which do think there's an awful lot of good news in that news. the conference is focusing on the overall economic picture in the pieces that go into feeling economic growth and innovation. there's so much goodness to be had, so many ideas in a think tank where so many developed about luck and hope that growth in our country cynic at decision to use those that have a positive outcome. if one, the whole fiscal issue as i could coming up the wheels of everything else. right now there's basically no
of the government, about the size of the deficit, and a lot of back and forth over these three issues. i think i just want, without going into all the different ramifications, i want to say one word about the debt ceiling, which is that not everybody understand what the debt ceiling is about. the debt ceiling, raising the debt ceiling, which congress has to do periodically, gives the government the ability to pay existing bills. it doesn't create new deficits. it doesn't create new spending. so not raising the debt ceiling is sort of like a family, which is trying to improve its credit rating sank i know how we can save money, we won't pay off credit card bills. not the most effective way to improve your credit rating. it was the very slow solution to the debt ceiling in august 2011 i got the u.s. downgraded last time. so it's very, very important that all these issues are important but it's very, very important that congress take necessary action to raise the debt ceiling to avoid a situation where our government doesn't pay its bills. >> a number of people have expressed concern about how much
and deficits. less than two hours, the house will vote on a sandy relief bill that could deliver $51 billion in aid. but earlier today house republicans tried and failed to pass an amendment to the sandy relief bill that would give the money only if it were offset with spending cuts. they were saying no relief aid unless programs are cut back. 157 republicans voted for these offsets. they supported the amendment which would have killed the $50 million sandy relief package. how on earth did we get here? this is money sitting in washington to help our fellow americans get their lives back together. how can we explain the efforts to not help people? joining me now, congressman mick melvani. congressman, first of all, thanks for being here again. >> it's always a pleasure. thanks very much for having me. >> now, how can you talk about spending when americans are so desperate for help, congressman? >> well, it's pretty simple. because in your introduction you said the money was just sitting here in washington. and it's not. it's actually sitting in china. and we're going to have to go and borrow
it different from the others that weren't? >> well, what makes it different is we have no deficit due to years of budget cuts and due to the new tax revenues we're realizing from voters' approval of proposition 30 in november and essentially as he said, this is a breakthrough. it's not without risks. he was careful to caution. it's only january. this is only the start of the budget process. we all mull it over see how the numbers develop. he puts out his may revision then the legislature starts fight over it and hopefully we have a document enacted by the end of june. we're only at the very beginning. there are a lot of risks along the way. there's a federal deficit that needs to be contended with that can have a lot of impact on the way the state gets and spends its money. the economic recovery is still sort of slow and struggling upward and any reversal on that could spell a change in our state revenues. the federal government or the courts could have a problem with some of the proposed budget cuts that we have made or want to make. it's happened a lot over the last few years. and increasing
presided over three budget surpluses in a row. so for all the talk out there about deficit reduction, making sure our books are balanced, this is the guy who did it. three times. >> the white house chief of staff, jack lew, was nominated by the president this week to replace outgoing treasury secretary timothy geithner. lew is a democratic veteran of washington, 30 years of service. currently he is president obama's chief of staff. earlier lew served as his budget director, and in that job he raised republican hackles. in fact, jeff sessions of alabama, the ranking republican on the senate budget committee, has already said he will try to block mr. lew's confirmation, notably over a statement lew made two years ago. lew was then omb, office of management and budget director. "our budget will get us over the next several years to the point where we can look the american people in the money th speaking to this, senator sessions had this to say. "to look the american people in the eye and make such a statement remains the most direct and important false assertion during ng my entire t i
for the middle class is shrinking our deficit and a balanced and responsible way. for nearly two years now i have been fighting for such a plan, one that would reduce the opposite by four trillion dollars over the next decade, which would stabilize the debt and deficit in a sustainable way for the next decade. that would be enough not only to stop the growth of our debt relative to the size of the economy, but make it manageable so it does not crowd out the investments we need to make in people and education and job training in science and medical research, all the things that help us grow. step-by-step we have made progress towards that goal. over the past two years i have signed into law 1.4 trillion dollars in spending cuts. two weeks ago i signed more than $600 billion in new revenue by making sure the wealthiest americans began to pay their fair share. when you add the money we will save an interest payments on debts, altogether that adds up to a total of 2.5 trillion dollars in deficit reduction over the past three years. not counting the $400 billion already saved from winding down and get
option. this is the congressman. >> the public option would decrease the deficit 104 billion over 10 years . >> and not everyone agrees that government health insurance would save money. republican critics say it is too costly and could bankrupt the country so who is right. >> i am dave asbin. welcome to forbes on fox. it is elizabeth mcdonald and rick unger and morgan bren an . we just can't afford a full-blown national health care system. >> no, we can't. every country that tried the health care system experienced higher cost or less health care. with obama care, it is a back door in a single payer system. of course, it costs more. >> mark tage. this is what he has plan obama care is not a single payer plan which is national health care. is that what it is turning into? >> i think it is going to have to be a single payer plan. will this reduce the deficit, no. is your goal here to provide health care to people? >> the private sector has not done a good job of >> it is going two or three times the rate of inflation . >> but you are saying that a government take over of health care w
, they are still negotiating. there's still trapped in negotiating cuts in the long- term deficit. -- they're still trying to negotiate cuts in the long term deficit. >> the republicans have been criticizeded for discussing financing, spending we have already done. that is not really true. the debt we have pays for the money that has already spent. increasing the debt cling thisould tie how much money we're going to spend. it would takee away a big talking point of the president and force -- how mumuch more debt do we want toto take on? what doeshat mean innerms of the entitlements? itas shifted in terms of the debabate. i do see what they are up to. >> democratats have said, no strings attached. the president said, no negotiations. per has writn about the fact th we are playing w with credit dowowngrade in any way. yohave to tackle the speing cucuts. you talk a lot to business leaders who say, the worstt of all possible worlds is the uncertainty. even t republican n plan to push this back does not get at th heart of w what -- businesses say we just need to know. >> the notion that you would play
back on the table. congresswoman january schawowsky and the deficit reduction act. the bill would offer the choice of the publically run health insurance plan. and get this, it would save a hundred billion dollars over the next ten years. this bill is a win for everybody. it will reduce the deficit. obama care has brought the number of uninsured americans to the lowest level since 2008. however, the law would be fully implemented until 2014. it would put pressure on all insurers to lower their premiums in order to compete. it would also provide immediate relief to small businesses and the federal government and all parts of the economy. for example, former defense secretary robert gates has warned the rising -- he has warned of rising military costs for years. >> sharply rising health care costs are consuming an ever-larger share of this department. growing from 19 billion 234 in . >> military health care costs have gone up 300% in the past decade. 2012 was the first year since 1995 military personnel saw an increase in health care premiums. now, there are two things republicans love. t
the narrow lens of deficit reduction so the larger goal of economic growth and maintaining the health and economic security of all americans. now, there's no question that reducing the federal deficit is a worthwhile goal. nobody's going to argue with that. we need to address our nation's long term physical problem. we understand that. they affect all of us. most importantly our children and our grandchildren. their future would not be bright if they are drowning in red ink of budget deficits and soaring national debt. we understand that too. however, their futures will not be very bright if they can't afford health care or if they can't afford a quality education or if they don't have the opportunity to attain long term financial security. leaving them with less economic security by weakening social security and medicare would be just as bad, and for many people, it would be worse, and if we weaken social security and medicare to the point of their parents and grandparents to no longer live with dignity and purpose, we will be risking their futures as well. as a nation, we have to br
. we do have a structural budget deficit in the city. we need to deal with the short- term balancing of the budget in a way that does not decimate basic city services that people rely on but also to address our long term structural budget deficit. that means implementing budget reforms that will smooth out the budget process so that it is not a boom-bust process. that means reforming our pension and retiree system so that they are stable and do not drain the general fund. that is a big aspect of it. another huge issue is the deferred maintenance on our infrastructure. we have a lot of infrastructure that has been deteriorating because we have not maintained properly. that includes roads, sewer systems, muni. we need to be much more diligent about maintaining our infrastructure. some of the big citywide issues that impact the district include transportation. we had more muni service and some other districts. it is not always reliable. some of the major bus lines in the district are not reliable. we have major projects like the renovation of delores park. it is an opportunity to define
it back. >>> time 7:17. some fall lists -- 7:10. some analysts say california's budget deficit could possibly be solved by getting oil out of shale in monterey. the monterey shale runs from los angeles to san francisco and macon obtain more than 400 billion barrels of oil. but getting it out, that's tricky. because of the san andre causes fault, the shale rock is not flat so drilling for oil is difficult. however, the u.s. energy information estimates more than $15 -- more than 15 billion barrels of oil can be recovered using new technology. >>> 7:11. how to move forward. the big debate taking place in newtown, connecticut, one month after the tragic school shooting. >> also, what will lance armstrong say? new details about his big interview with oprah just hours away. >>> it's cold out there. lots of upper 20s, 30s. doesn't matter. some of the wind chills in the teens. it will be sine but it is a little -- sunny but it is a little breezy. >>> one month after the newtown, connecticut shooting people there are now talking about what should be done with the building to sandy hook eleme
of savings from spending on health care and revenues from closing loopholes, we consult the deficit issue without sacrificing our investments in things like education that are going to help us grow. it turns out the american people agree with me. they listened to an entire year's debate over this issue, and they made a clear decision about the approach they prefer. they do not think it is fair to ask a senior to pay more for his or her health care or a scientist to shut down like that saving research so that a multi millionaire investor can take less in tax rates then a second trip -- and a secretary. they do not think it is smart to protect and as corporate loopholes and tax breaks for the wealthiest americans rather than rebuild roads and schools or help manufacturers bring jobs back to america. they want us to get our books in order in a balanced way where everyone pulls their weight, everyone does their part. that is what i want as well. that is what i have proposed. we can get it done, but we're going to have to make sure people are looking at this irresponsible way, rather than just
class is shrinking our deficits in a balanced and responsible way. and for nearly two years now, i've been fighting for such a plan, one that would reduce our deficits by $4 trillion over the next decade, which would stabilize our debt and our deficit in a sustainable way for the next decade. that would be enough not only to stop the growth of our debt relative to the size of our economy, but it would make it manageable so it doesn't crowd out the investments we need to make people and education and jobs and science research. step by step, we've made progress towards that goal. over the past two years i've signed into law about $1.4 trillion in spending cuts. two weeks ago i signed into law more than $600 billion in new revenue by making sure the wealthiest americans begin to pay their fair share. when you add the money that will save in interest payments on the debt, altogether that adds up to a total of about $2.5 trillion in deficit reduction over the past two years. not counting the $400 billion already saved from winding down the wars in iraq and afghanistan. so we've made pro
if it is called, then it has to face the economic tasked with value facing 20% and a huge fiscal deficit thanks to the patronage of the last year than you are going to start to see a lot of the chickens come home to roost and see it break apart. this is very similar after -- basically he was forced to engage in a austerity package around 1952 until 55 and that is what basically got him kicked out. and then of course after 1944 he died and you begin to see that internal battle, then you begin to see diffraction happening but not until -- >> that is a perfect segue because i want to bring it back to russell for the question. we talked about politics and about constitution, institutions. we talked about the economy although we've alluded to this aspect to it let me ask you to take off your journalist hat and put on your markets have and ask a simple question is venezuela going to buy, sell or hold? >> i think what we are going to see in the short term is a great deal of turmoil to reverse of markets -- capital flees some certainty. so, right now you have on uncertainty because nobody knows what's
seriously with having a mess about deficit reduction, he knows you cannot begin to to deficit reduction until you take a serious approach to welfare reform. on the side of the house we're doing it in a fair and responsible way. a way that rewards hard work. >> order. questions to the prime minister. >> number one, mr. speaker. >> thank you, mr. speaker. i'm sure the whole house will wish to join me in paying tribute to richard reginald walker, 28 engine regiment, attached to 21 engineer regiment. it is clear to see from the tributes paid that he was outstanding soldier and mutual respect. are deep assemblies are are with his family and his friends at this difficult time. mr. speaker, i would also like to mention helicopter crash in central london display but also central london display but also wish to join in sending our thanks to the emergency services for the rapid and professional response to the situation. mr. speaker, this point i had meetings with ministerial and colleagues and others, and in addition to my duties in the south i will have further such meetings later today. >> for
our trajectory of our budget deficit is going to be. certainly, the budget is not simply a numbers issue. it has a big impact when you translate it into the lives of our residents. when you are talking about deficits that may impact the morning commute because you write muni -- you ride muni, or whether we're talking about closing down seven facilities, or whether we're talking about impacts to services, there is an impact to residents, so i think that impact of the budget is big, as well as economic growth for our residents. >> what are the biggest issues for your district? supervisor chu: sunset district is a great district. it has many residents who are families. we have a lot of families in our district. lots of kids, lots of seniors, people who have raised their families there for many generations, and one of the paramount thing is, aside from the larger issues that are important to the entire city -- i think the big issue that is really in people's minds is the state of the economy. how is it that we are going to be able to bring down the unemployment rate in san francisco? h
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